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Posted in Crypto News

South Korea’s Ministry of Economy and Finance reportedly now allows Crypto miners to deduct electricity costs as business expenses.

South Korea has seen a rise in cryptocurrency mining activities as seen in the increase of mining hardware imports.

In spite of the criticism around crypto in South Korea, PC gaming rooms use their computers to mine cryptocurrencies.

South Korea’s 20% tax on crypto trading is applied only to gains above 2.5 million.

Posted in Crypto News

It’s reported that VanEck investment company is set to launch an ETF.

This will checkmate the performance of the MVIS Global Digital Assets Equity index which has 30 blockchain and crypto- related.

The company also offers exposure to its customers to be able to bet bet on its new product, the VanEck Vectors Digital Assets Equity UCITS ETF popularly called DAPP which already is listed on London Stock Exchange and Deutsche Boerse.

Posted in Crypto News

The Netherlands-based ING Bank carried out a more deep analysis on Defi projects.

The blockchain manager, Herve Francois said that DeFi could be more disruptive than Bitcoin to the financial sector.

He added that Defi is now the company’s digital asset vision, with Defi now worth around $76 billion in assets locked up on Ethereum alone.

ING banks pose as the leading frontier in the cryptocurrency space by leading other banks on an institutional-grade custody solution and anti-money laundering measures for digital assets.

Posted in Crypto News

Goldman Sachs, a U.S-based banking giant recently started offering a new derivatives product to Wall Street investors.

The new product is a Bitcoin- backed non-deliverable forward contract that relies on CME Group’s Bitcoin futures to shield against the volatility of cryptocurrencies.

This will be achieved through block trades on the Chicago Mercantile futures exchange with Cumberland DRW as Goldman’s partner.

Posted in Crypto News

Goldman Sachs, a U.S-based banking giant recently started offering a new derivatives product to Wall Street investors.

The new product is a Bitcoin- backed non-deliverable forward contract that relies on CME Group’s Bitcoin futures to shield against the volatility of cryptocurrencies.

This will be achieved through block trades on the Chicago Mercantile futures exchange with Cumberland DRW as Goldman’s partner.

Posted in Crypto News

President and CEO of PayPal, Dan Schulman commended the performance of digital assets which has boosted the company positively and helped them achieve amazing results.

He also believes crypto and central bank digital currencies will have a very strong impact in producing “a more equitable financial system.

PayPal has a roadmap that extensively involves Crypto and many Partnerships with the appropriate government and regulatory bodies.

Posted in Crypto News

Cardano’s staking now possible and launched on Kraken, the U.S.-based cryptocurrency exchange.

This means that users can now stake Cardano and also receive a 4% to 6% reward.

Payouts are open on a weekly basis, Cardona is developed for users to able to operate smart contracts and run decentralized applications.

ADA becomes the seventh staking option on Kraken, others being Ethereum, Polkadot, and Flow.

Posted in Crypto News

Doge’s recent upward rally doubled the number of millionaire investors in the asset within two weeks.

The Data from BitlnfoCharts shows about 2,866 dogecoin wallets each had at least $1 million as of May 4, 2021, which was a 116% growth from April 23 with 1,321 wallets.

This spike was after Gemini and eToro showed support for doge by listing it.

Dogecoin currently has a $73 7 billion market cap, above XRP’s $63.3 billion.

Posted in Crypto News

A report by CNBC on Wednesday indicates that US banks would allow crypto trading to customers, New Digital Investment Group will partner with Fidelity National Information Services to make this possible.

Most banks in the US have already shown interest, the company also added it’ll get the Big Banks on the trend too.

The banks are being influenced by the massive revenue gotten from Robinhood and Coinbase platform.

Posted in Crypto News

Dr. Fabian Schär wrote in a paper published by the Federal Reserve Bank of St Louis on May 2 about decentralized finance and Ethereum’s impact on it.

He applauded Defi in its efficiency in using “smart contracts to create protocols that replicate existing financial services in a more open, interoperable, and transparent way.”

Dr. Schär also explained that Defi will lead to a better and transparent financial system.